At the Bitcoin 2026 conference in Las Vegas, Aleš Michl, governor of the Czech National Bank, argued that Bitcoin deserves consideration as part of central bank reserves — but warned it carries extreme risk. He highlighted Bitcoin’s intense price swings and bluntly noted the possibility that its value could one day be ‘‘much higher’’ or could ‘‘go to zero.’’ Michl stressed that the total-loss risk is not unique to crypto — equities and some bonds can also fail — so the right response is careful diversification rather than concentrating on a single asset.
Michl recalled buying his first Bitcoin for a cup of coffee, a purchase that would be worth roughly $350 at today’s prices, making it his most expensive coffee to date. His public advocacy for reserve diversification dates back to January 2025, when he suggested central banks prepare for structural changes in payments and investment by exploring crypto exposure. He later proposed modelling allocations up to 5 percent and obtained board approval to undertake deeper analysis.
In November 2025 the bank made a test digital asset purchase that included Bitcoin, a practical step to evaluate how crypto would behave inside a reserve portfolio. Michl told attendees that the Czech National Bank manages about $180 billion in reserves and that, according to the bank’s modelling, a 1 percent Bitcoin allocation could lift expected returns while leaving overall portfolio risk broadly stable due to Bitcoin’s low correlation with traditional reserve assets. He summed up the view by calling this a glimpse of the future.
Michl’s position aligns with a small but growing set of national experiments with Bitcoin. Countries such as El Salvador, Bhutan, and Kazakhstan have woven the asset into national strategies in different ways, and the United States has directed the creation of a strategic Bitcoin reserve funded by seized assets rather than by direct purchases.